Cabinet members meeting behind closed doors on Tuesday told officers to investigate whether the council should set up a new partnership where it contributes assets and the private sector contributes money and technical expertise.

Known as local asset backed vehicles, the partnerships can last up to 20 years and enable councils to do things they could not afford on their own, such as regenerating town centres or better managing a portfolio of assets.

Council leader William Nunn said council officers would spend several months investigating the possibilities, but a successful partnership would also look at including other public assets owned by town and county councils.

He said: “I think this is a good opportunity. We have talked about it for several years and I think we were saying we actually need to grasp the nettle and see if it will work out for Breckland, and if so, let’s develop it.”

Labour leader Terry Jermy said the council was asset rich but does not use them wisely, and was right to investigate the options.